Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I'm ***** *****, what do I do with depreciation on the

Customer Question
I'm ***** *****, what...

I'm ***** *****, what do I do with depreciation on the liability section of the balance sheet

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

It seems to be the difference from getting the balance sheet to balance. If it's in the asset section, how do I account for it in the liability section

Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 19 minutes by:
3/6/2016
Tax Professional: Christopher Church,
 replied 2 years ago
Christopher Church
Category: Tax
Satisfied Customers: 10
Experience: director of accounting at cablevision
Verified

Hello, I can try to help

Ask Your Own Tax Question
Tax Professional: Christopher Church,
 replied 2 years ago

Are you referring to accumulated depreciation?

Ask Your Own Tax Question
Customer reply replied 2 years ago
to make it balance I put -43,660
assets are remaining depreciation 877,620 (starting basis was 930,491) accumulated amount is $52,871)
land 166,634
Total Assets 1,000,594liabilities
non recourse loans on real estate 1,055,866
capital account -55,272
Total Liabilities and capital 1,000,594net income or loss per books this year is -33,835.
I don't think I should have to enter the -43,660 to get it to balance or do I?
Tax Professional: Christopher Church,
 replied 2 years ago

It looks like your in balance without the -43,660 so you are correct. Accumulated depreciation is a contra asset that shows up in the asset section. I hope this helps, if you are satisfied with my answer please rate as positive.

Thanks

Ask Your Own Tax Question
Tax Professional: Christopher Church,
 replied 2 years ago

Hello, is there anything else you need? If not please rate positive as that is how I get credit

Thank you

Ask Your Own Tax Question
Customer reply replied 2 years ago
It looks like the balance sheet should balance but how do I take the -43,660 out of the schedule L asset column as this would throw the total assets to liabilities line off. I don't see the balance of the columns without the adjustment. Or is there another missing detail that I am not thinking about.
Tax Professional: Christopher Church,
 replied 2 years ago

please attach a copy of schedule L so I can take a look

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Christopher Church Your Own Question
Christopher Church
Christopher Church
Christopher Church
Category: Tax
Satisfied Customers: 10
10 Satisfied Customers
Experience: director of accounting at cablevision

Christopher Church is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Form 5471 balance sheet will not balance. I'm assuming due
Form 5471 balance sheet will not balance. I'm assuming due to currency conversion. The original balance sheet in functional currency balances. Any advice?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,381 satisfied customers
My client owns a multifamily house and files the 1065 for
My client owns a multifamily house and files the 1065 for it. The house is paid off so there is no loan on it. what would goes in the liabilities section in 1065?… read more
Carter McBride
Carter McBride
LLM
1,221 satisfied customers
I am transferring property into LLC but cannot get the
I am transferring property into LLC but cannot get the assets and liabilites to balance … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I'm struggling and searching for answers online. We have an
I'm struggling and searching for answers online. We have an LLc and I'm working on doing our taxes and am at the balance sheet section. It's currently out of balance... The out of balance difference f… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have a question about like-kind exchange and how to record
I have a question about like-kind exchange and how to record the changes in the balance sheet … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am working on an S-Corp return and need some help. It is
I am working on an S-Corp return and need some help. It is for a retail store that closed the physical location but continuing with an online store. The schedule L was in balance for 2014 but it is of… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Line 27 of Schedule L is out of balance to Assets by exactly
Line 27 of Schedule L is out of balance to Assets by exactly income. Where should income be included? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
MY QUESTION IS SHOULD THE BALANCE SHEET REFLECT THE COST OF
HELLO, MY QUESTION IS SHOULD THE BALANCE SHEET REFLECT THE COST OF ASSETS DEPRECIATED UNDER SECTION 179 , AND SHOULD ACCUMULATED DEPRECIATION REFLECT SECTION 179?… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
609 satisfied customers
I'm having a problem understanding this balance sheet. Total
I'm having a problem understanding this balance sheet. Total Assets : $ -25492.90 Total Liabilities: $ 15861.76 Net Income: $50096.14 Retained earnings: $ 1358.37 Total Liabilities & Equity : $ 25140.… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
About a partnership that partners want to close down
I have a question about a partnership that the partners want to close down. They have assets that are not fully depreciated including land and a building that was never in the partnership's name, but … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I am filing business taxes on my own , i have already filed
I am filing business taxes on my own , i have already filed extension i am having problem with balance sheet , i am using Turbo Tax Business 2012 I have successfully filled Income section and deductio… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
In 2011, my business was an LLC classified as a disregarded
In 2011, my business was an LLC classified as a disregarded entity. On Jan. 23, 2012, we elected to change to an LLC taxed as a partnership. My husband and I are both involved in the business. This is… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
EQUIPMENT THAT IT IS PURCHASED IN A CORPORATION AND PAID WITH
EQUIPMENT THAT IT IS PURCHASED IN A CORPORATION AND PAID WITH CORPORATION MONEY, WHEN I PREPARER A BALANCE SHEET IT GOES IN CAPITAL STOCK SECTION?… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I own an S-corp which has always been an S-corp. I purchased
I own an S-corp which has always been an S-corp. I purchased 100% of the stock in the corporation from another person for $94,360. It was a stock sale. When completing schedule L (Balance Sheet) of 11… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
I am completing Form 8825 for condo rentals. I have meals as
I am completing Form 8825 for condo rentals. I have meals as an expense. Where do I put this and how much am I allowed for 2010? 1/2 the total meals? . According to Scedule E I can take 51 cents per m… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I have a corporation in Ohio that is a Co-op. We are a Subchapter
I have a corporation in Ohio that is a Co-op. We are a Subchapter T and last year our tax return showed a loss of 11,000. I am trying to figure out a provision for Federal Income Tax for our financial… read more
Chad Oberg
Chad Oberg
Director
Bachelor's Degree
172 satisfied customers
I am part of a 3 person LLC which files a 1065. The Members'
I am part of a 3 person LLC which files a 1065. The Members' Total Capital Account is $453,00 or $151,000 for each Member. One of the Member's wants out and is willing to accept $10,000 for the entire… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
I am preparing an 1120 corp tax return. On Sch L, the company
I am preparing an 1120 corp tax return. On Sch L, the company has substancial assets but hardly and liabilities. (They have paid off most all their debts by the end of the fiscal period) So the liabil… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x